SUISUN CITY, CALIF. — Salt Lake City-based Bridge Investment Group has acquired ReNew on Sunset, an apartment community located in Suisun City. FPA Multifamily sold the asset for $72 million, or $321,430 per unit.
Situated on more than 10 acres at 831 Pintail Drive, ReNew on Sunset features 224 apartments in a mix of 68 one-bedroom/one-bath units, 136 two-bedroom/one-bath units and 20 two-bedroom/two-bath units. During its ownership, FPA Multifamily invested more than $3 million, or $13,500 per unit, in capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation and exterior work.
Community amenities include in-suite washers/dryers, a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access and covered parking.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.